HG 

5478 

He 


UC-NRLF 


o 

>- 


BONDS 


OF  THE   GOVERNMENTS  OF  THE 

FREIVCH    REPUBLIC 

AND  THE 

KIKGDOJM  OF  BELGIUM 


•-•  .'■. 


w.  B.  HiBBs  AND  Company 

HIBBS    BUILDING 
WASHINGTON,   D.  C 


COPYRIGHTED,     1920,     BY     W.     B.     HiBBS     AND     COMPANY,     WASHINGTON,      D.     C. 

Coaxar.  ■ ' 
Frederic  L. 


GOVERNMENT   OF    THE 

INTERNAL 


LOAN 


DATE    OF 
ISSUE 


MATURITY 


3%  REDEEMABLE  RENTES 


4  J     •     -  J 


August  12,  1878, 
March   17,   1881, 

and 
February  12, 

1884. 


Various  maturities,  each 
determined  by  annual 
drawings  on  March 
1st,  which  will  retire 
the  entire  issue  by 
April  16,  1953. 


RATE    OF 
INTEREST 


3% 


NOTE: 

1.  The  face  of  a  French  bond  specifies  the  yearly  income  produced  by  that  bond,  not 

the  principal  amount  or  the  par  value  of  the  bond  itself. 

The  denomination  may  be  ascertained  by  calculating  the  siun  necessary  to 
produce,  at  the  rate  of  interest  specified,  the  amount  of  annual  income  stated  on  the 
face  of  the  bond. 

2.  As  a  rule,  the  interest — whether  in  the  form  of  coupons  or  of  registered  interest — ^is 

paid  quarterly. 

3.  In  France  it  is  customary  to  cut  coupons  two  weeks  before  the  date  when  they  fall 

due.    This  custom  often  results  in  bonds  being  sold  "ex-coupon"  at  times  which  seem 
unusual  to  the  American  investor. 

4.  Coupons  must  be  collected  within  five  years  after  the  date  of  their  maturity  (Law  of 

August  24,  1793,  Article  156). 

Failure  to  cash  coupons  within  such  period  renders  them  not  only  voidable  but 
absolutely  void. 

5.  Bonds  must  be  presented  for  payment  within  thirty  years  after  the  date  of  their 

maturity  or  redemption,  otherwise  they  become  absolutely  void. 

6.  A  "Lottery  Bond"  is  one  the  holder  of  which  receives  a  prize  in  money — ^irrespective 

of  any  fixed  premium — provided  that  the  number  of  the  bond  drawn  for  redemption ' 
corresponds  to  the  number  of  a  prize  ticket. 

The  laws  of  the  United  States  forbid  the  sale  of  lottery  bonds  in  this  country. 


INTEREST     PAYABLE 


PRE-WAR 

January  16th, 

April  16th, 

July  16th  and 

October  16th,  at 
the  Ministry  of 
Finance  in  Paris 
and  at  all  the 
General  Treas- 
uries in  the  vari- 
ous Departments 
of  France. 


FRENCH    REPUBLIC 

LOANS 


AMOUNT  OUTSTANDING 


r[SSUES 
On  December  31,  1919, 
3,039,569,000  francs, 
out  of  a  total  issue  of 
4,254,146,500  francs. 


Price    at 
Which 
Issued 


In  1878, 
80  francs, 

50 
centimes 

per 

3  francs 

of  income. 

In  1881, 

83  francs, 

25    , 

centimes 

per  3 

francs 

of  income. 

In  1884, 

76  francs, 

60 

centimes 

per  3 

francs 

of  income. 


Approximate 
Cost  at  Date  of 
Issue  If  Rate 
OF    Exchange 
Had    Been   at 
THE  Normal 

(I    FRANC=:19.3 
CENTS) 


$155.37 


$160.67 


$146.84 

per 

1,000-franc 

bond 


Principal 
AND   Interest 
free  from 
French 
Taxes 
If  Bonds 
Are  Held  by 
Non- 
residents 


Yes 


-Yes 


Yes 


REMARKS 


These  3%  Redeemable  or  Amortizable  Rentes  (income  bonds)  were  orig- 
inally authorized  by  the  Law  of  June  11,  1878,  which  created 
"the  debt  redeemable  by  annuities."  They  were  issued  in  three 
installments,  viz.:  (1)  on  August  12,  1878,  414,542,047  francs 
principal,  bearing  37o  interest  from  July  16,  1878,  the  particulars  of 
this  first  issue  being  fully  described  in  the  President's  Decree  of  July 
16,  1878,  and  in  the  Orders  of  the  Minister  of  Finance,  dated  July 
16  and  August  6,  1878;  (2)  on  March  17,  1881,  1,000,000,000  francs 
principal,  bearing  interest  from  April  16,  1881.  This  second  install- 
ment was  issued  under  authority  of  the  Laws  of  June  11,  1878,  De- 
cember 22,  1878,  December  21,  1879,  March  23  and  December  22, 
1880,  and  the  details  were  announced  in  the  President's  Decree  and  in 
the  Order  of  the  Minister  of  Finance,  both  dated  March  7,  1881 ;  and 
(3)  on  February  12,  1884,  350,000,000  francs  principal,  bearing  in- 
terest from  April  16,  1884,  the  provisions  of  which  were  fully  set  forth 
in  the  President's  Decree  and  in  the  Order  of  the  Minister  of  Finance, 
both    dated    February    2,    1884. 

The  issues  of  August  12,  1878,  and  February  12,  1884,  were  in  two  forms: 
(1)  Coupon  bonds  to  bearer,  in  denominations  producing  an  annual 
income  of  15,  30,  60,  150,  300,  600,  1,500  and  3,000  francs;  and  (2) 
Registered  bonds — principal  and  interest — in  annual  income  amounts 
of    15    francs    and    multiples    thereof. 

The  issue  of  March  17,  1881,  had,  in  addition  to  the  above,  a  third  form, 
viz.:  "Mixed  Rentes" — bonds  registered  as  to  principal  only — in  annual 
income    amounts    of    15    francs    and    multiples    thereof. 

The  issue  of  August  12,  1878,  was  divided  into  175  series,  all  of  which 
are  to  be  retired  within  75  years  after  1878  at  par  on  the  interest  date 
(April  16th}  following  the  successive  annual  drawings  on  March  1st, 
beginning  in  1879,  in  accordance  with  the  following  "Table  of  Amor- 
tizement   annexed    to    the    Decree    of   July    16,    1878. 


Years 

From 

1878 

to 

1907 

29 

From 

1908 

to 

1925 

18 

From 

1926 

to 

1938 

13 

From 

1939 

to 

1945 

7 

From 

1946 

to 

1950 

6 

From 

1951 

to 

1953 

3 

75 


1  series  per  year 

2  series  per  year 

3  series  per  year 

4  series  per  year 

5  series  per  year 

6  series  per  year 


Series 
29 
36 
39 
28 
25 
18 

175" 


In  conformity  with  the  above  table,  the  issue  of  March  17,  1881,  was  divided 
into    172    series    and    the    issue    of    February    12,    1884,    into    169    series. 

Article  3  of  the  Law  of  June  11,  1878,  prescribed  that  "all  the  privileges 
and  immunities  attached  to  Rentes  on  the  State  are  assured  to  the 
3%    Redeemable    Rentes." 

These  3%  Redeemable  Rentes  were  not  made  convertible  into  subsequent 
Government  loans  nor  were  they  accepted  in  payment  of  subscriptions 
to  any   of  the  National  Defense   Loans   issued   during  the   war. 

The  principal  and   interest   of  these  Rentes  are  exempt   from   all  French  taxes. 

NOTE.  French  Rentes,  whether  Redeemable  or  Perpetual,  are  inscribed  in 
the  Grand  Livre  de  la  Dette  Publique  at  the  Ministry  of  Finance  in 
Paris  either  ( 1 )  under  a  number  alone  in  the  case  of  coupon  bonds 
to  bearer  ("Rentes  au  porteur"),  or  (2)  registered  in  the  name  of  the 
holder  ("Rentes  nominatives").  An  "extract  from  the  Grand  Livre"  or 
"certificate"  is  then  issued  containing  either  (a)  a  sheet  of  coupons  in 
the  case  of  bonds  to  bearer,  which  coupons  are  payable  to  the  bearer 
thereof,  or  (b)  a  space  for  recording  payments  of  interest  in  the  case 
of  registered  bonds.  Such  registered  certificates  must  be  presented 
and    stamped    in    order    to    obtain   payment    of    the    interest    thereon. 

In  certain  instances  there  is  a  third  form,  known  as  "Mixed  Rentes"  which 
correspond  to  bonds  registered  as  to  principal  only.  These  are  in  holder 
form,  but  are  accompanied  by  coupons  which  are  payable  to  the  bearer 
thereof. 

French  Rentes  are  not  classified  according  to  their  principal  or  par  value, 
but   according    to    the   amount    of   annual    revenue    which    they    produce. 


444171 


INTERNAL 


LOAN 


DATE   OF 
ISSUE 


MATURITY 


RATE  OF 
INTEREST 


INTEREST    PAYABLE 


3%  PERPETUAL  RENTES 


May  10,   1886, 
November  14, 

1887, 
January  10,  1891, 
December  21, 

1901. 


No  fixed  date  of  matu- 
rity, but  redeemable 
at  par  at  any  time,  at 
the  option  of  the  Gov- 
ernment. 


3% 


January  1st, 
April  1st 
July  1st  and 
October    1st,    at 
the    Ministry    of 
Finance  in  Paris 
and    at    all    the 
General    Treasu- 
ries  in    the    De- 
partments of 
France. 


LOANS  (Continued) 


AMOUNT  OUTSTANDING 


On  December  31,  1919, 
19,745,460,767  francs, 
out  of  a  total  issue  of 
21,922,217,434  francs. 


Price    at 
Which 
Issued 


79  francs, 
80  cen- 
times per 
3  francs 
of  income 
in    1886. 

80  francs, 
10  cen- 
times per 

3    francs 
of  income 

in    1887. 
92  francs, 
55     cen- 
times per 
3    francs 
of  income 

in  1891. 

Par    in 
1901. 


APPROXIMATl 

Cost  at  Date  or 
Issue  If  Rate 
OF  Exchange 
Had    Been    at 
THE  Normal 
(1  Francois. 3 

CENTS) 


$154.02 


$154.59 


$178.62 

$193.00    per 

1,000- 
franc  bond 


Principal 

AND  Interest 

Free  From 

French 

TAXES 

If  Bonds 
Are  Held  by 
Non- 
residents 


REMARKS 


Yes 


Yes 


Yes 
Yes 


The  3%  Perpetual  Rentes  were  issued  in  four  installments  for  various  pur- 
poses, such  as  the  conversion  of  the  old  4%  and  41/2%  Rentes,  the 
consolidation  of  the  sexennial  obligations,  the  retirement  of  the  thirty- 
year  obligations  and  liquidation  bonds,  and  to  anticipate  the  portion 
of  the  indemnity  from  China  due  to  France  for  her  expenses  in  con- 
nection with  the  Peking  Relief  Expedition.  They  were  subsequently 
utilized    for   the   conversion   of   the   old   3y2%    Rentes. 

The  first  issue,  bearing  interest  from  April  1,  1886,  was  authorized  by  the 
Law  of  May  1,  1886,  to  an  amount  "necessary  to  produce  an  effective 
capital  of  500  millions  of  francs,"  and  the  full  particulars  were  set 
forth  in  the  President's  Decree  and  inl  the  Order  of  the  Minister  of 
Finance,  both  dated  May  1,  1886,  the  latter  fixing  the  amount  of  the 
issue  at  504,000,000  francs  and  announcing  that  it  would  be  offered 
for  public  subscription  on  May  10,  1886,  only.  The  above-mentioned 
Law  also  authorized  the  registration  in  the  Grand-Livre  de  la  Dette 
Publique  of  "the  amount  of  3%  Rentes  necessary  to  produce  an  ef- 
fective capital  of  400  millions  of  francs,"  the  annual  income  of  which 
was  fixed  at  15,037,593  francs  by  the  President's  Decree  of  May  1,   1886. 

The  second  issue  was  authorized  by  the  Law  of  November  7,  1887,  to  an 
amount  of  37,632,997  francs  income,  bearing  interest  from  January  1, 
1888,  and  this  law  also  prescribed  the  redemption  of  the  farmer  4% 
and  4Vi%  Rentes.  The  details  of  this  issue  were  given  in  the  Presi- 
dent's Decree  and  the  Order  of  the  President  of  the  Council  and  Min- 
ister of  Finance,  both  dated  November  7,  1887,  the  former  fixing  the 
rates  of  conversion  for  each  franc  of  4Va%  and  4%  Rentes  at  83.3  and 
93.7  centimes  respectively  of  3%  Perpetual  Rentes.  759,812,486  francs 
principal  were  thus  converted  and  the  remaining  80,187,514  francs  were 
paid   in    cash.     This   issue   was   not   offered    for   public    subscription. 

The  third  issue  was  authorized  by  the  Law  of  December  24,  1890,  so  as 
to  produce  an  effective  capital  of  391,863,000  francs  and  to  retire 
short-term  Treasury  obligations  amounting  to  303,100,000  francs.  The 
terms  and  conditions  were  described  in  the  President's  Decree  and  the 
Order  of  the  Minister  of  Finance,  both  dated  January  2,  1891,  the 
former  fixing  the  amount  of  the  issue  at  869,488,000  francs  capital 
and  the  latter  announcing  that  the  loan  would  be  offered  for  public 
subscription  on  January  10,  1891,  only,  and  that  the  obligations  of 
the   Treasury   and  liquidation    bonds   would    be   retired. 

The  fourth  issue  was  authorized,  to  an  amount  of  265,000,000  francs,  by 
the  Law  of  December  6,  1901,  which  likewise  provided  for  puttmg 
in  order  the  expenses  of  the  China  Expedition."  Full  particulars  were 
given  in  the  President's  Decree  and  the  Order  of  the  Mmister  ol 
Finance,  both  dated  December  8,  1901,  and  this  issue  was  offered  for 
public    subscription    on    December   21,    1901,    only.  „,, -„  «so 

Under  the  authority  conferred  by  the  Law  of  July  9,  1902.  237,577,852 
francs  principal  of  old  3Va%  Rentes  were  converted  mto  203,638,159 
francs   principal  of  3%   Perpetual  Rentes. 

The  Issues  of  May  10,  1886,  November  14,  1887,  and  January  10,  1891,  were 
in  three  forms:  (1)  Coupon  bonds  to  bearer,  (2)  Mixed  Rentes-— L  e., 
registered  as  to  principal  only,  and  (3)  Fully  registered  bonds — principal 
and  interest.  The  issue  of  December  21,  1901,  was  In  two  forms  only: 
(1)    Coupon   bonds   to   bearer  and    (2)    Fully   registered   bonds. 

Coupon  Rentes  to  bearer  are  exchangeable,  free  of  charge,  for  holder 
Rentes  (fully  registered  bonds)  'Or  Mixed  Rentes,  but  registered  Rentes 
can    only   be   exchanged    through    an    Agent    de    Change.  .      ,      , 

These  3%  Perpetual  Rentes  are  not  classified  according  to  their  principal 
or  par  value,  but  according  to  the  annual  income  which  they  produce, 
vil.:  2,  3,  4,  5,  6,  7,  8,  9,  10,  20,  30,  SO,  100,  200,  300,  SOO.  1,000, 
1,500   and    3,000    francs.  ....  1.        .    ..         •      .1,. 

By  the  Law  of  November  16,  1915,  one-third  of  any  subscription  to  the 
S%  National  Defense  Loan  of  1915  was  made  payable  in  3%  Perpetual 
Rentes.  They  were  not,  however,  given  the  privilege  of  conversion 
into   National   Defense   Loans   other  than   that   of    1915.  »   •*  _     „ 

The  principal  and  interest  of  the  3%  Perpetual  Rentes  are  exempt  from  all 
French    taxes. 


INTERNAL 


LOAN 


DATE    OF 
ISSUE 


MATURITY 


RATE    OF 
INTEREST 


INTEREST    PAYABL 


314%  REDEEMABLE  RENTES 


July  7,  1914 


No  fixed  date  of  matu- 
rity. Redeemable  in 
series  by  drawings  on 
July  1st  of  each  year, 
beginning  in  1915. 

The  series  thus  drawn 
are  retired  at  the  next 
interest     date,     viz. : 

August   16th  following. 


3/2% 


February  16th, 
May  16th, 
August  16th  an 
November  16tl 
at  the  Ministr 
of  Finance  i 
Paris  and  at  a 
the  Gener; 

Treasuries  in  th 
Departments  c 
France. 


BONS  DE  LA  DEFENSE 
NATIONALE 


At  any  time  sub- 
sequent to 
September  13, 
1914 


One  month, 
three  months, 
six  months 
and 
one  year  after  the  date 
of  issue. 


NOTE.     The  following  is  a  resume  of  the  history  of  the  BONS  DE  LA  DEFENSE  NATIONALE: 

issued    under    Presidential    Decree    of    September    13,    1914. 

Issue    sanctioned    by    the    Law    of    February     10,     1915. 

Admitted  in  payment  of  subscriptions  to  the  Obligations  de  la  Defense  Nationale  by  the  Order  of 
the    Minister    of    Finance,    February     13,     1915. 

Admitted   in   payment    for   the   First    National    Defense    Loan    of    1915    in   amounts    of    100    francs   and  , 
upward   if   subscribed   to  before   November  20,    1 9 1  5 — Presidential   Decree  and   Order   of   the   Min- 
ister   of    Finance,    both    dated    November    16,    1915. 

Admitted  in  payment  for  the  Second  National  Defense  Loan  of  1916  provided  they  had  not  been  sub- 
scribed   to   before    October    1,    1916 — Presidential    Decree   of   September    16,    1916. 

Admitted  in  payment  for  subscriptions  to  the  Obligations  de  la  Defense  Nationale  issued  on  and 
after  March    I,    1917 — Order  of   the   Minister   of   Finance,    February    10,    1917. 

Admitted  in  payipent  of  the  Third  National  Defense  Loan  of  1917  provided  they  had  been  sub- 
scribed to,  or  renewed,  before  November  26,  1917 — Order  of  the  Minister  of  Finance,  No- 
■vember     1,     1917. 

Admitted,  at  an  augmented  value,  in  payment  of  the  Fourth  National  Defense  Loan  of  1918  if 
subscribed  to  before  September  15,  1918,  and  if  issued  before  October  20,  1918. — Law  of 
September    19,    1918,   and   Order   of   the    Minister   of    Finance,    September    25,    1918. 

Admitted  in  payment  of  the  National  5%  Amortizable  Loan  of  1920,  if  issued  before  February 
19,    1920 — Order  of   the  Minister  of   Finance,   January  9,    1920. 


WAF 

3.6%  on  one  month  bonds 
4%  on  three  months'  bonds 
4.5%  on  six  months'  bonds 
5%  on  one  year  bonds. 


LOANS  (Continued) 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Date  of 

Issue  If   Rate 

of  exchange 
Had    Been    at 

THE   Normal 

(1     FRANC  =  I9.3 
CENTS) 


;0n  December  31,  1919, 
25,050,500  francs,  out 
of  a  total  issue  of 
884,614,000  francs. 


91% 


$175.63  per 
1,000-franc 
bond 


Principal 
and   interest 
Free  From 
French 
Taxes 
If  Bonds 
Are   Held  by 
Non- 
residents 


Principal, 

yes; 
interest, 
no 


ISSUES 

Dn    January    30,    1920, 
48,879,233,000    francs. 


99.70%    I 

99%  I 

97.75%    ; 
95% 


$192.42 

$191.07 

$188.66 

$183.35 

per 

1,000-franc 

bond 


Yes 
Yes 
Yes 
Yes 


REMARKS 


This  issue  was  authorized  by  the  Law  oJ  June  20,  1914,  to  the  amount 
necessary  to  produce  an  effective  capital  of  eight  hundred  and  five 
millions  of  francs,"  of  which  600,000,000  francs  were  made  applicable 
to  the  extraordinary  expenses  of  national  defense — rendered  imperative 
by  the  indications  of  probable  war — and  the  remainder  to  be  de- 
voted to  the  expenses  incident  to  the  military  occupation  of  Morocco. 
The  full  particulars  of  this  loan  were  announced  in  the  President's 
Decree  of  June  24,  1914,  and  in  the  Order  of  the  Minister  of  Finance 
on  June  25,  1914,  and  the  bonds  were  offered  for  public  subscription  on 
the    one    day    of    July    7,    1914. 

The  SVa'/f  Redeemable  Rentes  were  issued  in  two  forms  only:  (1)  Coupon 
bonds  to  bearer,  in  denominations  of  200,  400,  1,000,  2,000,  4,000, 
10,000,  20,000,  40,000  and  50,000  francs  principal,  producing  an  annual 
income  of  7,  14,  35,  70,  140,  350,  700,  1,400  and  1,750  francs  respec- 
tively; and  (2)  Fully  registered  bonds — principal  and  interest — in  de- 
nominations producing  7  francs  of  annual  income  or  multiples  thereof 
up  to  and  including  700  francs  income;  from  700  to  1,400  francs  income, 
in  multiples  of  70  francs;  and  above  1,400  francs  annual  income,  in 
multiples    of    140    francs   income. 

This  issue  was  divided  into  73  series  and  is  redeemable  in  25  years  by  draw- 
ings on  July  1st  of  each  year,  beginning  in  1915,  according  to  the  TabU 
of   Amortization    which   was   as    follows: 

"From  1915  to  1923  inclusive,  2  series  per  year. 
From  1924  to  1932  inclusive,  3  series  per  year. 
From     1933    to     1939    inclusive,    4    series    per    year.*' 

The  transfer  or  conversion  of  this  issue  was  originally  made  to  conform  to 
the  regulations  governing  the  39^  Redeemable  Rentes.  The  law  of  Sep- 
tember 11,  1914,  however,  permitted  the  31/2'/^  Redeemable  Rentes — 
provided  they  had  been  paid  for  as  prescribed — to  be  converted  at  their 
price  of  issue  (91'';^)  and  interest  into  future  loans  or  short-term  ob- 
ligations issued  by  the  French  Treasury  prior  to  January  1,  1917.  By 
virtue  of  the  Orders  of  the  Minister  of  Finance,  dated  November  1, 
1917,  September  25,  1918,  and  January  9,  1920,  conversion  into  the 
47r  National  Defense  Loans  of  1917  and  1918  and  into  the  National 
5""/^  Amortizable  Loan  of  1920  was  permitted  on  condition  that  the  3Vi% 
Redeemable  Rentes  had  been  fully  paid  for  prior  to  January  31,  1917, 
or  permitted  to  benefit  by  the  Laws  of  March  31,  1915,  and  June  30, 
1917. 

This  issue  is  entitled  to  the  same  privileges  and  immunities  as  the  3%  Re- 
deemable Rentes,  except  that  the  interest  of  the  3V2%  Rentes  is  subject 
to    the   French    income    tax. 


Within  six  weeks  after  the  outbreak  of  war,  the  French  Treasury  was  in  need 
of  resources  since  its  outstanding  bonds  did  not  exceed  3,500,000,000 
francs.  The  President  of  the  French  Republic,  by  a  decree  dated 
Bordeaux,  September  13,  1914,  authorized  this  issue  and  announced  that 
"Tlie  bonds  of  the  Treasury  emitted  from  this  day  and  during  the 
duration  of  hostilities  will  bear  the  title:  "Eons  de  la  defense  nationale." 

These  short-term  War  Bonds  are  discount  notes  or  Treasury  bills,  and  are 
issued  in  denominations  of  100,  500,  1,000,  10,000,  100,000  and 
1,000,000    francs    principal. 

The  interest  is  not  paid  by  coupons  but  by  the  difference  between  the  price 
at  which  they  are  issued  and  their  value  at  maturity  (par),  with  an  ad- 
justment   of    accrued    interest,    if    any. 

These  National  Defense  bonds  were  originally  "admitted  for  the  payment 
of  subscriptions  to  all  future  loans,"  but  certain  restrictions  were  im- 
posed by  the  terms  of  those  loans,  which  are  enumerated  in  the  ad- 
joining Note. 

The  Bank  of  France  discounts  these  bonds  at  5%  at  any  time  within  three 
months  of  their  maturity  and  will  loan  on  them  at  the  rate  of  6%  on 
four-fifths  of  the  face  value  of  such  bonds  as  run  longer  than  three 
months. 

The  principal   and  interest   of  this   issue  are  exempt   from  French  taxes. 


INTERNAL 


LOAN 


DATE   OF 
ISSUE 


MATURITY 


RATE   OF 
INTEREST 


INTEREST    PAYABLE 


OBLIGATIONS  DE  LA  DEFENSE 
NATIONALE 


Five-year    OBLIGATIONS    DE 
DEFENSE  NATIONALE 


LA 


Date  of  purchase 
subsequent  to 
Feibruary  25, 
1915 


The  1st  or  16th 
of  the  month 
in  which  the 
bonds  are  is- 
sued after 
March  1,  1917 


February  16,  1925,  at 
par. 

Redeemable  at  par  less 
discount  of  interest, 
on  and  after  Febru- 
ary 16,  1920,  at  the 
option  of  the  French 
Treasury. 


Five  years  after  the  date 
of  issue  at  102.50% 

Redeemable  at  par 
either  one  year  after 
the  date  of  issue  or, 
at  the  option  of  the 
holder,  at  the  end  of 
any  six  months  there- 
after. 


5% 


5% 


February  16th  and 
August  16th,  in 
advance. 


NOTE.     The  following  summarizes  the  history  of  the  OBLIGATIONS  DE  LA  DEFENSE  NATIONALE: 
The  original  issue,  maturing  in   1925,  was  authorized  by  the  Law  of  February    10,    1915,  and  the  full 

particulars    were    announced    in    the    President's    Decree    and    in    the    Order    of    the    Minister    of 

Finance,   both   dated    February    13,    1915. 
Pending  the  Botation  of  the  First  National  Defense  Loan  of    1915,   the  issuance  of  these  obligations 

was   suspended   on   November   20,    1915,  by   the   Presidential   Decree  of   November    16,    1915. 
Admitted  to  subscriptions  to  the  First  National  Defense  Loan  of    1915   by  the  Order  of  the  Minister 

of    Finance.    November    16,    1915. 
Resumption  of   the  issuance  of  these  obligations  ordered  on  March  20,    1916,  by   Presidential   Decree 

of  March  9.    1916. 
Pending   the   flotation  of   the   Second    National    Defense   Loan   of    1916,    the   issuance   was    ordered    to 

be   suspended   on   October    1,    1916,   by    Presidential    Decree   of   September    16,    1916. 
Admitted   to   subscriptions   to   that   loan  by   Order   of   the   Minister   of    Finance.    September    16,    1916. 
Resumption   of  the   issuance   on  February    16,    1917,   directed   by   Presidential    Decree  of   February    9, 

1917. 
Maximum   duration  of  the  Obligations   de  la   Defense   Nationale  authorized   by   the  Law  of   February 

10.    1915,   limited   to   20   years  by  the  Law  of   February    16,    1917. 
Pending  the  flotation  of   the  Third   National   Defense  Loan  of    1917,   the  issuance   was   ordered   to   be 

suspended    on    November    1,    1917,    by    Presidential    Decree    of    October    28,     1917. 
Admitted    to   subscriptions   to    that   loan   by   Order   of    the    Minister   of    Finance,    dated    November    1. 

1917. 
Admitted,    at   an   augmented   value,   to   subscriptions   to   the    Fourth    National    Defense    Loan   provided 

these   Obligations   had   been    subscribed    to   before   September    15,    1918. — Law    of   September    19. 

1918.      Also    Order   of    the    Minister   of    Finance,    September    25,    1918. 
Admitted    to    subscriptions    to    the    National    5%    Amortizable    Loan    of    1920    by    Order   of    the    Min- 
ister  of    Finance.    January   9,    1920. 
In    order    to    make    the    yield    to    the    purchaser    virtually    constant    without    regard    to    the    date    of 

purchase,    the    following    increases    in    the    price    of    issue    of    the    Obligations    de    la     Defense 

Nationale  were  prescribed: 

30   centimes,  by  the  Presidential   Decree  and  Order  of  the   Minister  of   Finance,   both   dated 

March   9,    1916; 
45    centimes,  by   the   Order  of  the   Minister   of   Finance,   August   4,    1916; 
60  centimes,   by  the  Order  of  the   Minister  of   Finance,    February    10,    1917. 


In  advance  on  the 
1st  or  16th  of  the 
month  in  which 
the  bonds  are 
purchased  and 
every  sixth 

month         there- 
after. 


LOANS  (Continued) 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Date  of 

Issue   If   Rate 

OF    Exchange 
Had    Been    at 

THE  Normal 

(1     KRANC=19.3 
CENTS) 


Principal 
AND   Interest 
Free  From 
French 
Taxes 
If  Bonds 
Are  Held  by 
Non- 
residents 


REMARKS 


I' Vide  next  issue. 


On  November  30,  1919, 
166,200,000  francs,  in- 
cluding the  preced- 
ing issue. 


96.50% 
with  an 
adjust- 
ment of 
interest 


$186.25 

per 
1,000-franc 
bond 


Yes 


Par,  but 
less  the 
first  six 
months' 
interest 
paid  in 
advance 


$193.00 

per 
1,000-franc 
bond 


Yes 


Issued  under  the  Law  of  February  10,  1915.  "authorizing  the  emission  of 
short-term  obligations"  with  maturity  not  later  than  1925,  the  full  par- 
ticulars of  this  loan  were  given  in  the  Presidential  Decree  of  February 
13,  1915,  which  announced  that  the  securities  to  be  issued  under  that 
law   will   bear   the   title  of   "Obligations   de  la   Defense   Nationale." 

These  obligations  are  in  two  forms  only:  (1)  Coupon  bonds  to  bearer,  and 
(2)  Bonds  to  order,  transferable  by  endorsement,  both  in  denomina- 
tions of   100,  500,   1,000,   5,000  and   10,000   francs   principal. 

The  following  were  received  in  payment  of  subscriptions  to  this  loan:  Cash, 
banknotes  of  the  Bank  of  France  and  the  Bank  of  Algeria,  temporary 
certificates  of  the  3^2%  Redeemable  Rentes  if  fully  paid  for  prior  to 
February  1,  1915,  or  definitive  securities  delivered  in  exchange  for  such 
certificates,  Bons  de  la  Defense  Nationale,  or  any  combination  of  the 
above  payments. 

This    issue    was    convertible,    at    the    option    of    the    holder,    into    subsequent 

Government  loans   emitted   before  January    1,   1918,  at   the  price  of   issue 

(96.50%)    plus    that    portion   of   the   redemption   premium   accrued    at   the 

date    of    conversion    but    less    the    prepaid    interest    for    such    period    of 

the   current   six   months   as   had    expired   on  that    date. 

The  principal  and  interest  of  these  Obligations  de  la  Defense  Nationale 
are   exempt    from    all   French    taxes. 

These  Five-year  Obligations  of  de  la  Defense  Nationale  were  issued  under  the 
Law  of  February  10,  1915,  supplemented  by  the  Presidential  Decrees 
of  February  13,  1915,  November  16,  1915,  March  9,  1916,  September  16, 
1916,  and  February  9,  1917,  and  by  the  Order  of  the  Minister  of 
Finance,     dated     February     10,     1917. 

They  are  in  two  forms  only:  (1)  Coupon  bonds  to  bearer,  and  (2)  Bonds 
to  order  traflsferable  by  endorsement,  both  in  denominations  of  100,  500, 
1,000,    5,000    and    10,000    francs    principal. 

Beginning  on  March  1,  1917,  these  five-year  obligations  were  issued  at  par, 
but  the  interest  for  the  first  six  months  was  paid  in  advance  at  the  time 
of  subscription.  They  are  retired  at  maturity  at  102.50%,  but  holders 
may  demand  repayment  at  par  on  any  interest  date  one  year  after  the 
time    of    subscription    or    subsequently    thereto. 

This  issue  was  given  the  privilege  of  conversion  into  any  future  loan  emitted 
by  the  Government  prior  to  January  1,  1920,  at  the  price  of  issue 
(par)  plus  that  portion  of  the  redemption  premium  accrued  at  the  date 
of  conversion  but  with  a  deduction  of  the  prepaid  interest  for  such  part 
of    the    current    six    months    as    had    expired    on    that    date. 

Payments  for  subscriptions  to  this  loan  could  be  made  in  the  same  securi- 
ties and  under  the  same  conditions  as  those  which  governed  the  Obli- 
gations  de   la    Defense   Nationale   maturing   on   February    16,    1925. 

The  principal  and  interest  of  these  five-year  obligations  are  exempt  from  all 
French    taxes. 


INTERNAL 


LOAN 


Ten-year    OBLIGATIONS    DE    LA 
DEFENSE  NATIONALE 


Six-year    OBLIGATIONS    DE 
DEFENSE  NATIONALE 


LA 


FIRST  AND  SECOND  NATIONAL 
DEFENSE  LOANS 
(Also  known  as  the  First  and  Sec- 
ond War  Loans,  the  5%  Rentes 
of  1915  and  1916,  and  as  the  Vic- 
tory Loan) 


DATE    OF 
ISSUE 


MATURITY 


RATE    OF 
INTEREST 


At  any  time  on 
and  after  May 
16,  1919 


At  any  time  on 
and  after  May 
16,  1919 


May  16,  1929,  at  par. 

Redeemable,  at  the  op- 
tion of  the  French 
Treasury,  on  and  after 
May  16,  1924,  at  par 
less  the  unearned  por- 
tion of  the  interest 
prepaid. 


First  War  Loan, 
November  16, 
1915. 

Second         War 
Loan,    August 
16,  1916,  or 
November  16, 
1916 


No  specified  date  of  ma- 
turity,  but  repayable 

six  years  after  the  date 
of  issue  at  103%. 

Redeemable,  at  the  op- 
tion of  the  holder, 

at  par  18  months  after 
date  of  issue, 

at  100.60%  2  years  after 
date  of  issue, 

at  101.20%  3  years  after 
date  of  issue, 

at  101.80%  4  years  after 
date  of  issue, 

at  102.40%  5  years  after 
date  of  issue. 


No  fixed  date  of  matu- 
rity, but  redeemable 
in  whole  or  in  part,  at 
par  on  and  after  Jan- 
uary 1,  1931,  at  the 
option  of  the  Govern- 
ment. 


5% 


5% 


5% 


INTEREST    PAYABLE 


In  advance  on 
May   16th  and 
November  16th. 


In       advance       on 
February       16th 

and 
August   16th, 

or 
May     16th     and 
November    16th, 
depending    upon 
the  date  of  issue. 


NATIONAl 

February  16th, 
May  16th, 
August  16th  anc 
November   16th 


.OANS  (Continued) 


AMOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


)n  November  30,  1919, 
545,619,000  francs. 


'n  November  30,  1919, 
202,152,000  francs. 


96.50% 
with    an 
adjust- 
ment of 
accrued 
interest 
and    re- 
demp- 
tion 
premium 


Par, 
but  with 
an   ad- 
justment 
of  ac- 
crued 
interest 
and  re- 
demp- 
tion 
premium 


Approximate 

Cost  at  Date  of 

Issue  If  Rate 

OF  Exchange 
Had    Been    at 

THE  Normal 

(I    FRANC  =  I9.3 
CENTS) 


Principal 
AND   Interest 
FREE  From 
French 
Taxes 
If  Bonds 
Are  Held  by 
Non- 
residents 


DEFENSE  LOANS 


a  December  31,  1919, 
25,152,580,000    francs. 


88% 

for 

First 

War 

Loan   of 

1915. 
88.75% 

for 
Second 

War 

Loan   of 

1916. 


$186.25 

per 
1,000-franc 
bond 


$193.00 

per 
1,000-franc 
bond 


Yes 


Yes 


$169.84 


$171.29 

per 
1,000-franc 
bond 


Yes 


Yes 


REMARKS 


Issued,  on  and  after  May  16,  1919,  under  authority  of  the  Laws  of  February 
10,  1915,  and  February  16,  1917,  supplemented  by  the  Presidential 
Decree  and  the  Order  of  the  Minister  of  Finance,  both  dated  May  14, 
1919,  these  Ten-year  Obligations  de  la  Defense  Nationale  are  in  two 
forms  only:  (1)  Coupon  bonds  to  bearer,  and  (2)  Bonds  to  order  trans- 
ferable by  endorsement,  both  in  denominations  of  100,  500,  1,000,  5,000, 
10,000    and    100,000    francs    principal. 

These  obligations  are  dated  and  their  value  computed  as  of  the  first  day  of 
the  quarter  in  which  the  subscription  is  made,  these  quarters  beginning 
on   February    16th,   May    16th,   August    16th    and    November    16th. 

They  are  convertible,  at  the  option  of  the  holder,  into  subsequent  Govern- 
ment loans  issued  before  January  13,  1922,  at  a  price  of  96.50%  plus 
the  accrued  portion  of  the  redemption  premium  but  less  the  prepaid 
interest  for  such  period  of  the  current  six  months  as  has  expired  on 
the  date  of  conversion. 

Payments  of  subscriptions  to  this  loan  were  received  in  the  same  securities 
and  under  the  same  conditions  as  those  governing  the  Obligations  de 
la    Defense    Nationale    maturing    on    February    16,    1925. 

The   principal   and    interest    of    this    issue    are    exempt    from    all    French    taxes. 


Issued,  on  and  after  May  16,  1919,  under  authority  of  the  same  laws,  decree 
and  order  as  the  preceding  loan,  these  Six- Year  Obligations  de  la 
Defense  Nationale  are  in  two  forms  only:  (1)  Coupon  bonds  to  bearer, 
and  (2)  Bonds  to  order  transferable  by  endorsement,  both  in  denomina- 
tions   of    100,    500,    1,000,    5,000,    10,000    and    100,000    francs    principal. 

"The  price  of  issue  shall  be  fixed  for  each  fifteen  days  and  will  be  obtained 
by  adding  to  the  nominal  capital  the  accrued  portion  of  the  redemption 
premium  of  3%  and  by  deducting  the  interest  corresponding  to  the 
period  of  the  current  six  months  which  has  not  expired  at  the  beginning 
of  the  fifteen  days."  Redemption  prior  to  maturity  made  upon  demand 
of  the  holder  will  be  ejected  as  of  the  date  of  the  last   coupon  matured. 

in  all  other  respects,  including  exemption  of  the  principal  and  interest  from 
alt  French  taxes,  this  issue  is  identical  with  the  Ten- Year  Obligations 
de  la  Defense  Nationale. 


The  National  Defense  Loan  of  1915  was  authorized  by  the  Law  of  November 
16,  1915,  and  full  particulars  given  in  the  Presidential  Decree  and  in 
the  Order  of  the  Minister  of  Finance,  both  dated  November  16.  1915. 
It  was  offered  for  public  subscription  from  November  25  to  December 
15,    1915,    but    the   bonds    were   dated    November    16,    1915. 

The  National  Defense  Loan  of  1916,  authorized  by  the  Law  of  September 
15,  1916,  and  fully  explained  by  the  Presidential  Decree  and  the  Order 
of  the  Minister  of  Finance,  both  dated  September  16,  1916,  was  offered 
for  public  subscription  from  October  5  to  29,  1916.  The  bonds  were 
dated  August  16,  1916,  if  fully  paid,  or  November  16,  1916,  if  paid  in 
installments. 

These    two   issues   are   now   quoted    on   the   Paris    Bourse    as    one    loan. 

These  securities  are  in  three  forms:  (1)  Coupon  bonds  to  bearer,  registerable 
in  the  Grand-Livre  de  la  Dette  Publique  at  the  Ministry  of  Finance  in 
Paris;  (2)  Mixed  Rentes — i.  e.,  bonds  registered  as  to  principal  only — 
and    (3)    Fully    Registered    bonds — principal    and    interest. 

They  are  issued  in  denominations  of  100,  120,  140,  160,  180,  200,  400,  500, 
1,000,  2,000,  4,000,  6,000,  10,000.  20,000,  50,000  and  100.000  francs 
principal,  producing  respectively  5,  6,  7,  8,  9,  10,  20,  25,  50,  100,  200, 
300,   500,    1,000,   2,500   and   5,000    francs    income    per   annum. 

The  Loan  of  1915  was  granted  the  same  privileges  and  immunities  as  the 
39r  Perpetual  Rentes,  while  the  Loan  of  1916  was  afforded  the  same 
rights   and   privileges   as    the    Loan   of    1915. 

The  following  were  received  in  payment  for  subscriptions  to  both  loans, 
cash  (specie,  banknotes  of  the  Bank  of  France  and  the  Bank  of  Algeria, 
warrants,  and  cheques),  Bons  de  la  Defense  Nationale  subscribed  to  or 
renewed  before  November  20,  1915,  and  October  1,  1916,  Obligations  de 
la  Defense  Nationale,  3Vz^  '^  Redeemable  Rentes  fully  paid  for  prior  to 
January  31,  1915,  and,  in  the  case  of  the  Loan  of  1915,  3%  Perpetual 
Rentes. 

The  bonds  of  the  Loan  of  1915  are  accepted  by  the  Bank  of  France  at  75% 
of  their  face  value  as  collateral  for  loans.  By  the  Law  of  October  26, 
1917,  the  bonds  of  both  loans  are  accepted  at  87V2%  in  payment  of 
the  Excess  War  Profits  Tax  provided  that  it  be  shown  that  they  were 
in  the  possession  of  the  taxpayer  for  one  year  prior  to  October  24,  1917. 

The  principal  and  interest  of  the  National  Defense  Loans  of  1915  and  1916 
are  exempt   from   all  French   taxes  and   from   the  special   stamp   tax. 

Both   loans   are   quoted   *'ex-coupon"    15    days    before    the   interest   dates. 


NATIONAL  DEFENS 


LOAN 


DATE    OF 
ISSUE 


MATURITY 


RATE    OF 
INTEREST 


INTEREST    PAYAI 


NATIONAL  DEFENSE  LOAN  OF 
1917 

(Also  known  as  the  Third  War 
Loan  and  as  the  4%  Rentes  of 
1917) 


NATIONAL  DEFENSE  LOAN  OF 
1918 

(Also  known  as  the  Fourth  War 
Loan,  the  4%  Rentes  of  1918  and 
as  the  Liberation  Loan) 


December  16, 
1917 


October  16,  1918 


No  fixed  date  of  matu- 
rity, but  redeemable^ 
in  whole  or  in  part,  at 
par  on  and  after  Jan- 
uary 1,  1943,  at  the 
option  of  the  Govern- 
ment. 


No  fixed  date  of  matu- 
rity, but  redeemable, 
in  whole  or  in  part,  at 
par  on  and  after  Jan- 
uary 1,  1944,  at  the 
option  of  the  Govern- 
ment. 


NOTE.  To  prevent  depreciation  in  the  market  value  of  the  National  Defense  Loans, 
the  Law  of  October  26,  1917,  provided  that  there  should  be  set  aside  monthly  an 
amount  of  60,000,000  francs — which  was  increased,  by  the  Law  of  January  17,  1918, 
to  120,000,000  francs  beginning  on  January  1,  1918— to  constitute  a  fund  to  be  used 
to  purchase   these   bonds   in  the   open  market. 

The  Laws  of  October  26,  1917,  and  September  19,  1918,  prescribed  that  in  no  case  should 
such  purchases  be  made  in  excess  of  the  following  prices: 

For  the  5%  Rentes  issued  in  1915  and  1916:         87.50   plus   interest   accrued   during   the 

quarter. 

For  the  4%  Rentes  issued  in  1917:  68.60   plus   interest   accrued   during   the 

quarter. 

For  the  4%  Rentes  issued  in  1918:  70.80   plus   interest   accrued   during   the 

quarter. 

Whenever  the  unexpended  balance  of  this  fund  exceeds  360,000,000  francs,  the  monthly 
payments  will  be  suspended,  but  they  will  be  resumed  when  such  balance  falls  below 
360,000,000  francs.  This  fund  is  administered  by  the  Caisse  d'Amortissement  under 
the  supervision  of  the  Commission  de  Surveillance,  and  the  bonds  thus  purchased 
are  immediately  cancelled. 


4% 


March  16th, 
June  16th, 
September    ll 

and 
December  16t 
in  Paris. 


4% 


January  16th, 
April  16th, 
July  16th 
and 
October  16th, 


.OANS  (Continued) 


MOUNT  OUTSTANDING 


Price    at 
Which 
Issued 


Approximate 
Cost  at  Date  of 
Issue  If  Rate 
of  Exchange 
Had  Been  at 
THE  Normal 
(I  Franc=is.3 

CENTS) 


Principal 

and   interest 

Free  From 

French 

Taxes 

If  Bonds 

Are  Held  by 

NON- 
'    Residents 


REMARKS 


n  December  31,  1919, 
,  12,961,300,000   francs. 


n  December  31,  1919, 
30,465,875,000    francs. 


68.60% 


$132.40 

per 
1,000-franc 
bond 


70.80% 


$136.65 

per 
1,000-franc 
bond 


Yes 


Yes 


Issued  under  the  Law  of  October  26,  1917,  which  authorized  the  emission 
of  "the  amount  of  4%  Perpetual  Rentes  necessary  to  produce  an  effec- 
tive capital  of  ten  milliards"  (10,000,000,000  francs),  the  full  partic- 
ulars of  this  loan  were  given  in  the  President's  Decree  of  October  31, 
1917,  and  in  the  Order  of  the  Minister  of  Finance  on  November  1,  1917. 
It  was  offered  to  public  subscription  from  November  26  to  December 
16,    1917.  ,    ^    ...      J 

The  securities  are  in  three  forms:  (1)  Coupon  bonds  to  bearer;  (2)  Mixed 
Rentes — i.  e.,  bonds  registered  as  to  principal  only;  and  (3)  Fully 
registered    bonds — principal    and    interest. 

The  coupon  bonds  to  bearer  are  issued  in  denominations  of  100,  200,  500, 
1,000,  2,000,  5,000,  10,000,  20,000,  50,000  and  100,000  francs  principal, 
producing  respectively  4,  8,  20,  40,  80,  200,  400,  800,  2,000  and  4,000 
francs  income  per  annum.  The  registered  bonds  are  issued  in  all  de- 
nominations. 

In  addition  to  cash,  banknotes,  warrants  and  cheques,  the  following  _  were 
accepted  in  payment  of  subscriptions  to  this  loan:  Bons  de  la  Defense 
Nationale  subscribed  to,  or  renewed,  before  November  26,  1917;  Obli- 
gations de  la  Defense  Nationale;  3'/:%  Redeemable  Rentes  fully  paid 
for  prior  to  January  31,  1915,  or  entitled  to  benefit  under  the  Laws  of 
March  31,  1915,  and  June  30,  1917 — the  value  of  the  last  three  being 
computed   as   of  December   16,    1917. 

This  National  Defense  Loan  was  granted  the  same  privileges  and  immunities 
as  the  loans  of  1915  and  1916,  and  its  bonds  are  accepted  in  payment 
of    the   Excess   Profits    War   Tax. 

The  principal  and  interest  are  exempt  from  all  French  taxes,  including  the 
special  stamp   tax. 

The  bonds  are  quoted   "ex-coupon"    15   days  before  the  interest   dates. 


Authorized  by  the  Law  of  September  19,  1918,  and  the  particulars  fully 
set  forth  in  the  Presidential  Decree  on  September  24,  1918,  and  the  Order 
of  the  Minister  of  Finance  on  September  25,  1918,  these  4^/<  Rentes 
were  offered  to  public  subscription  from  October  20  to  November  24, 
1918. 

This  issue  is  in  three  forms:  (1)  Coupon  bonds  to  bearer;  (2)  Mixed 
Rentes — i.  e.,  bonds  registered  as  to  principal  only;  and  (3)  Fully  reg- 
istered   bonds — principal    and    interest. 

The  coupon  bonds  to  bearer  are  in  denominations  of  100,200,500,1,000,2,000, 
6,000,  10,000,  20,000,  50,000  and  100,000  francs  principal,  producing 
respectively  4,  8,  20,  40,  80,  200,  400,  800,  2,000  and  4,000  francs 
income  per  annum.      The   registered   bonds   are   in   all    denominations. 

This  issue  was  granted  the  same  privileges  and  immunities  as  the  National 
Defense  Loans  of  1915,  1916  and  1917.  No  limit  was  placed  on  the 
amount  of  bonds  to  be  issued,  but  a  large  part  of  this  loan  was  floated 
by    the    conversion    into    it    of    previous    issues. 

Apart  from  cash,  banknotes  of  the  Bank  of  France,  etc.,  the  following  were 
received  in  payment  of  subscriptions  to  this  loan:  Coupons  of  French 
Rentes  matured  or  to  mature  on  November  16  and  December  16, 
1918;  Bons  de  la  Defense  and  Treasury  bonds  emitted  before  October 
20,  1918;  Obligations  de  la  Defense  Nationale;  3Vi%  Redeemable 
Rentes  fully  paid  for  prior  to  January  31,  1915,  or  entitled  to  benefit 
under  the  Laws  of  March  31,  1916,  and  June  30,  1917;  and,  to  the 
extent  of  not  more  than  half  of  each  subscription,  coupons  of  loans 
issued  or  guaranteed  by  the  Russian  Government,  matured  or  to  mature 
during    1918,    held    in    France    by    Frenchmen. 

Like  the  preceding  National  Defense  Loans,  this  issue  is  accepted  in  pay- 
ment   of    various    Government    taxes. 

The  principal  and  interest  of  this  loan  are  exempt  from  all  French  taxes, 
including    the    special    stamp    tax. 

The   bonds   are   quoted   "ex-coupon"    15    days    before   the   interest   dates. 


LAST  INTERNAL  LOAN  ISSUEI 


LOAN 

* 

DATE    OF 
ISSUE 

MATURITY 

RATE    OF 
INTEREST 

INTEREST    PAYAB 

NATIONAL    5%    AMORTIZABLE 

May  1,  1920 

No  fixed  date  of  matu- 

s% 

May  1st  and 

LOAN 

rity,  but  redeemable, 
in  series  of  25,000,000 
francs  capital  each, 
by  semi-annual  draw- 
ings on  March  16th 
and  September  16th, 
beginning  on  Septem- 
ber 16,  1920,  and  ex- 
tending over  a  period 
of  60  years,  terminat- 
ing in  1980. 

The  bonds  thus  drawn 
will  be  redeemed  at 
150%  of  their  par 
value  at  the  next  in- 
terest date. 

Bonds  not  thus  drawn 
are  redeemable  at 
150%  of  their  par 
value  at  any  time,  at 
the  option  of  the 
Government. 

■ 

November  1st, 
in  France. 

FRENCH  GOVERNMENT  LOANS  FLOATEI 


LOAN 


DATE  OF 
ISSUE 


MATURITY 


RATE  OF 
INTEREST 


INTEREST  PAYAE 


French     portion     of     the     ANGLO- 
FRENCH  EXTERNAL  LOAN 


TWENTY-YEAR,      5>4%,      GOLD 
BONDS 


October  15,  1915 


April  1,  1917 


October  15,  1920 


April   1.   1937 


5% 


5^% 


April  15th  and 
October  15th. 


i 


April  1st  and 
October  1st. 


BY  THE  FRENCH  GOVERNMENT 


AMOUNT  OUTSTANDING 


PRrCE     AT 

Which 
Issued 


Approximate 
Cost  at  Date  of 
Issue   If   Rate 
OF    Exchange 
Had   Been   at 
the  Normal 

(1    FRANC=19.3 
CENTS) 


Principal 
AND    Interest 
Free    From 
French 
Taxes 
If    Bonds 
Are  Held  by 
Non- 
residents 


REMARKS 


tn     April      15,      1920, 
15,730,000,000    francs. 


Par  if 
fully 
paid; 
101  if 
paid   in 
install- 
ments 


Yes 


$193.00 


$194.93 

per 
1,000-franc 
bond 


Issued  under  authority  of  the  Law  of  December  30,  1919 — which  fixed  no 
limit  to  the  amount — the  particulars  of  this  loan  were  fully  set  forth 
in  the  Presidential  Decree  and  In  the  Order  of  the  Minister  of  Finance, 
both  dated  January  9,  1920.  It  was  offered  to  public  subscription  from 
February    19   to   March   20,    1920. 

The  securities  are  in  two  forms  only:  (1)  Coupon  bonds  to  bearer.  In 
denominations  of  100,  200,  4O0,  500,  1,000,  2,000,  4,000, 
10,000  and  20,000  francs  principal,  producing  respectively  5,  10,  20,  25, 
SO,  100,  200,  500  and  1,000  francs  income  per  annum;  and  (2)  Regis- 
tered bonds — principal  and  interest — in  multiples  of   100  francs  principal. 

It  was  specifically  provided  that  *'no  mixed  securities  will  be  created*'  (i.  e., 
bonds   registered   as   to   principal    only). 

Subscriptions  were  payable  (1)  at  par  If  made  in  one  installment,  or  (2)  at 
101  if  made  in  four  installments,  viz.:  25%  down,  25%  on  May  1,  1920, 
25%  on  June  16th  and  26%  on  August  1,  1920,  or  within  ten  days  after 
those   dates. 

The  following  were  accepted  in  payment  of  subscriptions:  (a)  cash — I.  e., 
specie,  banknotes  of  the  Bank  of  France,  the  Bank  of  Algeria  or  the 
issuing  banks  of  the  French  colonies — ;  (b)  warrants  of  clearing  houses 
or  cheques  to  the  order  of  authorized  Treasury  agents;  (c)  coupons  of 
the  4%  and  5%  National  Defense  Loans  matured  or  to  mature  between 
January  I  and  March  31,  1920;  (d)  Bons  de  la  Defense  Natlonale  and 
Treasury  bonds  Issued  before  February  19,  1920;  (e)  Obligations  de  la 
Defense  Nationale  emitted  prior  to  that  date;  and  (f)  3y2%  Redeemable 
Rentes  If  fully  paid  before  January  31,  1915,  or  entitled  to  benefit  by  the 
Laws  of  March  31,  I9I5,  and  June  30,  1917.  In  the  case  of  several  of 
these  Issues,  an  adjustment  of  interest  and  accrued  amortization  pre- 
mium was  required. 

The  bonds  of  this  National  5%  Amortizable  Loan  will  enjoy  all  the  privileges 
and  Immunities  granted  to  the  various  French  Rentes.  They  are  negoti- 
able In  the  open  market,  will — if  fully  paid  for — be  accepted  by  the 
Bank  of  France  at  80%  of  their  face  value  as  collateral  for  loans,  and 
matured   coupons  may  be  utilized  in  payment   of   taxes. 

The  principal.  Interest  and  premium  of  this  loan  are  exempt  from  all  French 
taxes.    Including  the    special    stamp    tax. 


N  THE  UNITED  STATES  AND  NOT  YET  MATURED 


MOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Principal 
and   Interest 
Free  From 
French 
Taxes 
If  Bonds 
Are  Held  by 
Non- 
residents 


REMARKS 


■50,000,000.  The  total 
Anglo-French  Loan 
authorized  and  out- 
standing is  $500,000,- 
000. 


98 


;i      May       7,       1920, 
'52,110,000. 


Par 


Yes 


Yes 


(1)  Coupon  bonds  to  bearer  in  denominations  of  $100,  $500  and  $1,000,  which  may  be  regis- 
tered as  to  principal  only,  and  (2)  Registered  bonds  in  denominations  of  $1,000,  $10,000 
and  $50,000  and  authorized  multiples.     Coupon  and   registered   bonds  are  interchangeable. 

This  loan  is  a  joint  and  several  obligation  of  the  Governments  of  the  United  Kingdom  of 
Great  Britain  and  Ireland  and  of  the  French  Republic.  One-tenth  of  the  French  half  and 
one-tenth    of    the    British    half   are    for   Russia. 

The  securities  of  the  Anglo-French  External  Loan  are  convertible,  at  the  option  of  the 
holder,  either  not  later  than  April  15,  1920,  or — provided  that  notice  were  given  on  or 
before  April  15,  1920 — at  maturity,  at  par  for  par,  into  the  15 — 25  year.  Joint  and 
Several,  4V2%,  bonds  of  the  Governments  of  the  United  Kingdom  of  Great  Britain  and 
Ireland  and  of  the  French  Republic,  maturing  on  October  15,  1940,  but  redeemable,  in 
whole  or  in  part,  at  par  and  accrued  interest,  on  any  interest  date~  on  or  after  October 
15,  1930,  upon  three  months'  notice.  The  principal  and  interest  of  this  latter  issue  are 
payable  in  New  York  City  in  United  States  gold  coin,  free  from  deduction  for  French  or 
British    taxes,    present    or    future. 

Both  the  principal  and  interest  of  the  Anglo-French  External  Loan  are  payable  at  the  office 
of  J.«P.  Morgan  A  Company,  New  York,  in  United  States  gold  coin  without  deduction  for 
French   or  British   taxes,   present   or   future. 


(1)  Coupon  bonds  to  bearer  in  denominations  of  $100,  $500  and  $1,000,  which  may  be  regis- 
tered as  to  principal  only;  and  (2)  Fully  registered  bonds — principal  and  interest — 
without    coupons,    in    denominations    of    $1,000    and    $10,000. 

Coupon  bonds  to  bearer  may  be  registered  as  to  principal  only  at  the  Central  Union  Trust 
Company,,  80  Broadway,  New  York.  Coupon  bonds  may  be  exchanged  for  fully  registered 
bonds  and  vice  versa  at  the  Central  Union  Trust  Company,  upon  payment  of  the  fee 
prescribed    by    the    French    Government. 

This  issue  represents  the  converted  portion  of  the  Government  of  the  French  Republic, 
Secured  Loan,  Convertible,  5V2'/^*  two-year,  gold  notes,  dated  April  1,  1917.  which  were 
issued  in  New  York  at  99  and  interest,  to  the  amount  of  $100,000,000,  and  which  matured 
and  were  redeemed   on  April   1,   1919,  with   the!  exception   of   the  notes   thus   converted. 

The  principal  and  interest  of  these  Twenty-year,  Sy2%,  gold  bonds  are  payable,  at  the  option 
of  the  holder,  either  at  the  office  of  J.  P.  Morgan  &  Company,  New  York,  in  United 
States  gold  coin,  or  at  the  Caisse  Centrale  du  Tr^sor  Public  In  Paris,  in  French  francs,  at 
the  rate   of   5.16V8    francs   to   the   dollar. 

Both   principal   and   interest   are   exempt   from   all    French    taxes,    present    or   futurv. 


GOVERNMENT  OF  THI 

INTERNA] 


LOAN 


MONETARY  RESTORATION 

THREE-YEAR        TREASURY 
BONDS 


5%    NATIONAL    RESTORATION 
INTERNAL  LOAN 


DATE    OF 
ISSUE 


December  1, 
1918 


June  1,   1919 


MATURITY 


December  1,  1921 


RATE  OF 
INTEREST 


INTEREST  PAYAB 


5% 


No  fixed  date  of  matu- 
rity, but  redeemable 
at  par  on  and  after 
June  1,  1934,  at  the 
option  of  the  Govern- 
ment. 


5% 


June  1st  and 
December  1st. 


June  1st  and 
December  1st. 


The  following  Internal  Loans  of  the  Kingdom  of  Belgium  are  purposely  omitted  from  this  list 
since  they   possess   but   little   interested   for  American   investors,    save   in    rare   cases: 

(1)  214%  PERPETUAL  RENTES  (income  bonds),  issued  in  1842  to  the  amount  of  389,417,632 
francs,  which  represented  Belgium's  share  in  the  national  liability  of  The  Netherlands  by 
virtue  of  the  Treaty  of  November  5,  1942,  which  brought  about  the  separation  of  the  two 
kingdoms.      Interest   dates,   January    Ist  and   July    Ist.      Amount  outstanding,   219,959,631    francs. 

(2)  3%  PERPETUAL  RENTES,  First  Series,  issued  from  1895  to  1898  to  the  amount  of  544,956,275 
francs  for  the  conversion  of  the  3^%  Belgian  debt  (first  series),  the  redemption  of  the  con- 
cessions to  the  Antwerp-Ghent,  Grand  Central  and  Liege-Limburg  railways  and  for  other  pur- 
poses. Interest  dates,  January  1st  and  July  1st.  Amount  outstanding,  516,822,975  francs. 
3%  PERPETUAL  RENTES.  Second  Series,  issued  between  1873  and  1913  to  the  amount  of 
2,999,686,582  francs  to  provide  funds  for  the  purchase  of  railways  and  the  execution  of  public 
works.  Interest  dates.  May  1st  and  November  1st.  Amount  outstanding,  2,856,808,982  francs. 
3%  PERPETUAL  RENTES,  Third  Series,  issued  in  1895  to  the  amount  of  259,896,600  francs 
for  the  conversion  of  the  Belgian  3  %  %  bonds,  third  series,  and  for  other  purposes.  Interest 
dates,    February    1st    and    August    1st.      Amount    outstanding,    244,932,700    francs. 

(NOTE.  The  2%%  Perpetual  Rentes  (Netherlands'  debt)  and  the  3%  Perpetual  Rentes  of  all  three 
series  are  redeemable  by  a  cumulative  sinking  fund  of  3%  per  annum,  utilized  semi-annually 
for  amortization  or  for  the  purchase  of  bonds  in  the  open  market  when  the  price  is  below  par. 
When  the  price  is  above  par,  the  action  of  the  sinking  fund  is  temporarily  suspended.  Funds 
not  utilized  for  the  purchase  of  bonds  are  transferred  to  the  Budget  of  Extraordinary  Revenue, 
3.3%  of  the  funds  thus  transferred  being  employed  as  a  supplemental  sinking  fund  operating  in 
the   same  manner  as   the   original   sinking  fund.) 

(5)  3%  STERLING  LOAN,  issued  in  London  in  February  and  March,  1914,  to  the  amount  of 
£12,000,000.  Redeemable  by  1939  by  annual  purchases  under  par  or  at  par,  by  annual  draw- 
ings in  January  of  each  year.  Interest  dates,  February  5th  and  August  5th  in  London, 
Brussels  and  Antwerp,  free  from  Belgian  taxes.     Amount  outstanding,  £12,000,000. 


(3) 


(4) 


I 


INGDOM  OF  BELGIUM 

DANS 


OUNT  OUTSTANDING 


December  26,  1919, 
040,342,700    francs. 


Price    at 
Which 
Issued 


Par 


Approximate 
Cost  at  date  of 
Issue  If  Rate 
OP    Exchange 
Had   Been   at 
the  Normal 

(!    FRANC=I9.3 
CENTS) 


Principal 
AND   Interest 
Free  From 
Belgium 
Taxes 
If  bonds 
Are  Held  by 
Non- 
residents 


REMARKS 


$193.00 

per 
1,000-franc 
bond 


March     26,     1920, 
450,765,800    francs. 


95% 


No 


$183.35 

per 
1,000-franc 
bond 


Principal, 

no; 
interest, 

yes. 


Coupon  bonds  to  bearer  in  denominations  of  100^  500,  1,000  and  10,000 
francs    principal. 

This  Monetary  Restoration  Loan,  authorized  by  the  order-law  of  Novem- 
ber 9,  1918,  was  issued  for  the  purpose  of  withdrawingr  from  circulation 
the  German  money  issued  in  Belgium  during:  the  war.  In  payment  for 
this  loan,  the  Belgian  Government  accepted  (1)  German  marks,  to  a 
maximum  of  three-fourths  of  any  subscription,  at  the  rate  of  one  mark 
per  1.25  Belgian  francs.  Apart  from  German  coin,  it  also  accepted 
the  banknotes  of  certain  German  banks — such  as  the  Reichsbank* 
Reichskassenscheine  and  Darlehenkassenscheine — and  of  the  issuing 
banks  of  the  Confederated  German  States — such  as  the  Sachische  Bank, 
Bayerische  Bank,  etc.;  and  (2)  Belgian  francs  at  par,  to  a  minimum  of 
one-fourth  of  any  subscription,  as  well  as  "the  banknotes  of  the  Depart- 
ment of  Emission  of  the  Societe  Generate  de  Belgique,  the  overdue 
interest  of  registered  Rentes,  matured  interest  coupons  of  the  obligations 
of  the  direct  and  indirect  Public  Debt  and  of  the  bonds  of  the  Belgian 
Treasury.** 

Banknotes  of  the  Banque  Nationale  de  Belgique  and  banknotes  of  the 
Banque  de  France  at  par  were  likewise  accepted  in  payment  for  subscrip- 
tions. 

This  Monetary  Restoration  Loan  was  granted  no  privilege  of  conversion  into 
future   Government   issues. 

The  principal  and  interest  are  payable,  in  Belgian  francs,  at  the  Banque 
Nationale  de  Belgique  and  its  agencies.  The  interest  is,  however,  subject 
to    a    tax    of    two    per    cent. 

There   are   no   paying   agencies   in   the  United   States. 


( 1 )  Coupon  bonds  to  bearer  and  (2)  Fully  registered  bonds  (principal  and 
interest),  both  in  denominations  of  100,  200,  500,  1,000,  2,000,  5,000 
and   10,000   f rakes. 

Coupon  bonds  to  bearer  are  exchangeable  for  registered  bonds.  Bonds  are 
registerable  at  the  Banque  Nationale  de  Belgique,  but  the  regulations 
governing  this  registration  are  rather  complex,  e^ecially  in  respect  to 
non-residents    of    Belgium. 

A  cumulative  Sinking  Fund,  created  by  setting  aside  annually  ^2%  of  the 
par  value  of  the  issue  outstanding,  will  be  utilized  to  amortize  this  loan 
by  purchases,  in  the  open  market,  of  bonds  for  redemption.  In  case  that 
the  market  price  exceeds  par,  the  purchases  will  be  temporarily  sus- 
pended. 

Belgian  Treasury  bonds,  with  the  exception  of  the  Monetary  Restoration, 
three-year,  5%,  bonds,  were  accepted  at  95%  in  payment  for  the  Na- 
tional  Restoration   Loan. 

The    principal    and    interest    are    payable 

Nationale  de  Belgique  and  its  agencies, 
from  all  Belgian  taxes.  There  are  no 
States,  but  coupons  may  be  collected, 
the  Guaranty  Trust  Company  of  New 
exchange. 

All  coupons  and  all  interest  on  registered  bonds  become  void  five  years  after 
the    date   when    they    fall    due. 

The  last  coupon  attached  to  the  National  Restoration  bonds  is  dated 
June  1,  1942. 


Belgian  francs  at  the  Banque 
The  coupons  only  are  exempt 
paying  agencies  in  the  United 
through  the  Brussels  office  of 
York,    at    the    current    rate    of 


INTERNA] 


LOAN 


5%  INTERNAL  PREMIUM  LOAN 


DATE    OF 
ISSUE 


MATURITY 


May  15,  1920 


No  fixed  date  of  matu- 
rity. Redeemable  at 
150%  (in  Belgian 
francs)  in  75  years  by 
annual  drawings  be- 
ginning on  March  1, 
1921.  Bonds  drawn 
on  March  1st  will  be 
redeemed  at  750 
francs  each  on  the 
first  of  May  follow- 
ing, through  the  op- 
eration of  a  cumula- 
tive Sinking  Fund. 

The  entire  issue  is  call- 
able, as  a  whole,  on 
and  after  May  15, 
1940,  but  at  a  re- 
duced premium. 


RATE    OF 
INTEREST 


5% 


INTEREST    PAYAB 


May  15th  and 
November  15t 


EXTERNAL  LOANS  FLOATED  IN  TH 


LOAN 

DATE    OF 
ISSUE 

MATURITY 

RATE    OF 
INTEREST 

INTEREST    PAYAE 

EXTERNAL  GOLD  LOAN 

> 

consisting  of 

(1)  One-year  gold  notes 

January  1,  1920 

January  1,   1921 

6% 

January     1st 

(2)  Five-year  gold  notes 

January  1,  1920 

January  1,  1925 

6% 

July   1st. 

1 

TWENTY-FIVE     YEAR     EXTER- 

■ 

NAL  GOLD  LOAN,  7^2%  SINK- 

ING      FUND       REDEEMABLE 

June  1,  1920 

On    or    before   June    1, 

7/2% 

June  1st  and 

BONDS 

1945.          Redeemable 
on   June    1st    of   any 
year  until  and  includ- 
ing June    1,    1945,  at 
115%    of    the    princi- 
pal, plus  accrued   in- 
terest,    through     the 
operation  of  the  Sink- 
ing   Fund    or    other- 
wise. 

December  Is 

: 

OANS  (Continued) 


UOUNT  OUTSTANDING 


Price  at 
Which 
Issued 


Approximate 

Cost  at  Date  of 

Issue   If  Rate 

OF    Exchange 

Had    Been    at 

THE   Normal 

(1     FRANC=19.3 
CENTS) 


issue  of  2,500,000,- 
*00  francs  was  au- 
horized,  and  is  out- 
standing. 


499 
francs 

per 

500-franc 

bond 


$96.29 

per 

500-franc 

bond 


Principal 

AND    Interest 

Free    From 

Belgium 

Taxes 

If    Bonos 

Are   Held  by 

NON- 

Residents 


Yes 


REMARKS 


Coupon    bonds    only    in    the    single    denomination    of    500    francs. 

To  meet  the  interest  charges,  the  premium  and  the  redemption  of  principal, 
the  Belgian  Government  will  set  aside  annually  a  fixed  amount  of  about 
136,686,750  francs.  The  first  drawing  on  March  1,  1921,  will  retire 
15.600  bonds  (7,800,000  francs  capital).  The  interest  on  all  bonds 
retired  will  be  added  each  year  to  this  cumulative  Sinking  Fund, 
thereby  increasing  the  number  of  bonds  to  be  drawn  in  each  subse- 
quent   year. 

The  entire  issue  outstanding  can  be  called,  at  the  option  of  the  Government, 
on  and  after  May  IS,  1940.  "In  that  case,  the  securities  will  all  be 
redeemed  at  the  same  amount,  that  is  to  say,  the  capital  of  500  francs 
augmented  by  the  average  value  of  the  premiums  recalled,  at  the  rate 
of   S%,    on    the    date    fixed    for   the    prior   redemption.*' 

Public  subscriptions  to  this  loan  were  opened  on  February  12th  and  were 
closed  on  March  6,  1920.     This  issue  is  listed  on  the  Brussels  Bourse. 

The  principal  and  interest  are  payable  in  Belgian  francs  at  the  Banque 
Nationale  de  Belgique  and  its  agencies,  but  may  be  collected  at  the 
current  rate  of  exchange,  through  the  office  of  the  Guaranty  Trust  Com- 
pany    of    New    York     at    Brussels. 


NITED  STATES  AND  NOT  YET  MATURED 


10UNT  OUTSTANDING 


April      2, 
;  6,400,000 
18,600,000 


1920, 


June  18,  1920, 
550,000,000,  which 
vas  the  total  amount 
ssued. 


Price    at 
Which 
Issued 


99 
953/4 


Principal 

AND    Interest 

Free   From 

Belgium 

Taxes 
If   Bonds 
Are   Held   by 
Non- 
residents 


97% 

and 

interest 


Yes 
Yes 


Yes 


REMARKS 


Coupon   notes    only    in    the    single    denomination    of    $1,000. 

At  any  time  before  the  maturity  of  these  notes,  the  holders  have  the  option  of  surrendering 
their  notes  and  of  requesting  the  Fiscal  Agents,  J.  P.  Morgan  &.  Company  and  thr 
Guaranty  Trust  Company  of  New  York,  to  sell  for  each  note  11,000  Belgian  francs  at  th» 
market  rate,  but  not  less  favorably  than  11  francs  to  the  dollar  (i.  e.,  9.09  cents  pel 
franc).  In  consequence  of  such  sale,  the  holder  will  receive  par  and  interest  for  each 
note  thus  surrendered,  together  with  one-half  of  the  resulting  profit,  the  other  half  being 
retained  by  the  Belgian  Government.  The  noteholder  is  to  pay  all  necessary  commissions, 
but  not  in  excess  of  y4%  of  the  par  value  of  the  notes  surrendered.  Such  an  option 
operates  during  the  life  of  these  notes  as  a  "call"  on  Belgian  exchange  at  the  rate  of  11 
francs    to    the    dollar. 

The  Belgian  Government  has  agreed,  in  case  it  offers  in  the  future  any  loan  secured  by  a  lien 
on  any  of  its  specific  revenues  or  assets,  to  secure  these  notes  pro  rata  with  any  subse 
quent  loan. 

The  principal  and  interest  of  these  notes  are  payable  in  United  States  gold  coin  at  J.  P. 
Morgan  &  Company  or  at  the  Guaranty  Trust  Company  of  New  York,  "without  deduction 
for    any    Belgian    taxes,    present    or    future." 


Coupon    bonds    to    bearer   in    denominations    of   $500    and    $1,000    only. 

In  the  loan  contract  under  which  these  bonds  are  issued,  the  Belgian  Government  has  obli- 
gated itself  to  pay  to  the  Trustees  of  the  Sinking  Fund,  in  New  York,  in  United  States 
gold  coin  on  or  before  March  10th  of  each  year  from  1921  to  1945,  both  inclusive,  an 
amount  not  less  than  $2,300,000  per  annum,  which  is  to  be  utilized  by  the  Trustees  of 
the  Sinking  Fund  for  the  redemption  by  lot  on  the  first  of  June  following  each  of  such 
payments  and  at  a  price  of  1159r  of  the  par  value,  together  with  interest  accrued  to  the 
date  of  redemption,  of  not  less  than  $2,000,000  principal  amount  of  the  bonds  of  this 
loan.  The  Belgian  Government  has  also  covenanted  that,  in  case  it  offers  for  public 
subscription  any^  future  loan  secured  by  a  lien  on  any  specific  revenue  or  asset  of  the 
Kingdom  of  Belgium,  the  present  issue  shall  be  secured  ratably  with  such  subsequent  loan. 

The  provisions  of  the  Sinking  Fund  are  such  that  the  entire  issue  will  be  retired  on  or  before 
the   date   of  maturity,  June    1,    1945,   at    115%    of   the   principal    or   par    value    of    the   bonds. 

The  principal,  premium  and  interest  of  this  loan  are  payable  in  United  States  gold  coin  of 
the  present  weight  and  fineness  at  the  office  either  of  J  P.  Morgan  &  Company  or  of 
the  Guaranty  Trust  Company  of  New  York,  Fiscal  Agents  of  the  Belgian  Government,  in 
New  York,   without   deduction   for  any   Belgian   taxes,   present   or   future. 


W.  B.  HiBBS  AND  Company 


I 


MEMBERS 

NEW  YORK  STOCK  EXCHANGE 
BOSTON  STOCK  EXCHANGE 

PHILADELPHIA  STOCK  EXCHANGE 
WASHINGTON  STOCK  EXCHANGE 
NEW  YORK  COTTON  EXCHANGE 
CHICAGO        BOARD       OF       TRADE 


HiBBS    BUILDING 
WASHINGTON,    D.   C. 


'T^HE    information   herein   contained   has 
■'-  been  taken  from  authoritative  sources  and 


is  believed  to  be  correct, 
however,  guaranteed. 


Its  accuracy  is  not 


July,  1920. 


W.  F.  ROBERTS  CO.  WASHINGTON  D.  C. 


